Energy

May Nymex crude oil was lower due to profit taking overnight as it consolidates some of the rally off last Tuesday’s low. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If May extends the aforementioned rally, March’s high crossing at 42.49 is the next upside target. Closes below the 10-day moving average crossing at 38.54 would temper the near-term bullish outlook. First resistance is Tuesday’s high crossing at 42.25. Second resistance is March’s high crossing at 42.49. First support is the 10-day moving average crossing at 38.54. Second support is last Tuesday’s low crossing at 35.24.

May heating oil was slightly lower due to light profit taking overnight as it consolidates some of Tuesday’s rally. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If May extends the aforementioned rally, the 25% retracement level of the 2014-2016-decline crossing at 139.15 is the next upside target. Closes below the 10-day moving average crossing at 117.03 would temper the near-term friendly outlook. First resistance is Tuesday’s high crossing at 128.46. Second resistance is the 25% retracement level of the 2014-2016-decline crossing at 139.15. First support is the 10-day moving average crossing at 117.03. Second support is last Tuesday’s low crossing at 106.68

May unleaded gas was lower overnight as it consolidates some of the rally off last week’s low. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If May extends the aforementioned rally, the reaction high crossing at 157.82 is the next upside target. Closes below the 10-day moving average crossing at 143.96 would temper the near-term friendly outlook. First resistance is March’s high crossing at 153.93. Second resistance is the reaction high crossing at 157.82. First support is the 10-day moving average crossing at 143.96. Second support is last week’s low crossing at 135.82.

May Henry natural gas closed higher overnight as it March’s trading range. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If May resumes the rally off March’s low, the 50% retracement level of the January-March-decline crossing at 2.141 is the next upside target. Closes below the reaction low crossing at 1.837 are needed to confirm that a short-term top has been posted. First resistance is the 38% retracement of the January-March-decline crossing at 2.043. Second resistance is the 50% retracement of the January-March-decline crossing at 2.141. First support is the reaction low crossing at 1.837. Second support is March’s low crossing at 1.731.

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